The reform proposes a transition to a data-centric and technology-driven compliance framework, including consolidation of forms, expansion of Straight Through Processing (STP), and adoption of pre-filled, modular filing systems under MCA21 Version 3. It covers the entire corporate lifecycle, from incorporation to exit, focusing on reducing duplication, enabling automation, and ensuring interoperability with regulators such as GSTN, CBDT, SEBI, and RBI. It also emphasises proportionate compliance based on entity size, strong legal safeguards, audit trails, and cybersecurity measures.